(Added by Ordinance No. 140900; passed and effective Nov. 20, 1975.)
The Economic Development Trust Fund is hereby established for receipt and
accountability for the assets of the Trust for economic development in the model
cities neighborhood established by the agreement between the City and MEDIA
authorized by Ordinance No. 132652, passed May 6, 1971. The City
succeeded the Metropolitan Economic Development Industrial Alliance as trustee,
and this Fund shall be administered by the City in accordance with the terms of
the trust, set forth in the agreement and by Resolution No. 31575, adopted
May 28, 1975.
This Fund shall receive the assets turned over to the City by MEDIA and shall
also receive principal and interest on loans receivable, interest on invested
capital, proceeds from sale of investments and any other income of the
Trust. Expenditures shall be in accordance with appropriations made by the
Council for purposes of the Trust.